Bristol Channel Timber Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01652711 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Bristol Channel Timber Supplies Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

N B David

R N C David

REGISTERED OFFICE:

39 Ashton Vale Road

Ashton Gate

Bristol

BS3 2HW

REGISTERED NUMBER:

01652711 (England and Wales)

ACCOUNTANTS:

Stanley Joseph Limited

Chartered Accountants

Suite 1

Liberty House

South Liberty Lane

Bristol

BS3 2ST

BANKERS:

Lloyds TSB

PO Box 153

53-55 Corn Street

Bristol

BS99 7LE

FIXED ASSETS

Property, plant and equipment

4

468,290

474,341

CURRENT ASSETS

Inventories

40,275

39,545

Debtors

5

18,120

18,399

Cash in hand

325

419

58,720

58,363

CREDITORS

Amounts falling due within one year

6

118,609

113,946

NET CURRENT LIABILITIES

(59,889

)

(55,583

)

TOTAL ASSETS LESS CURRENT LIABILITIES

408,401

418,758

CREDITORS

Amounts falling due after more than one year

7

(83,966

)

(95,977

)

PROVISIONS FOR LIABILITIES

(49,488

)

(50,176

)

NET ASSETS

274,947

272,605

CAPITAL AND RESERVES

Called up share capital

300

300

Revaluation reserve

9

205,812

207,891

Capital redemption reserve

5

5

Retained earnings

68,830

64,409

SHAREHOLDERS' FUNDS

274,947

272,605

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 September 2019 and were signed on its behalf by:

R N C David - Director

1.	STATUTORY INFORMATION

Bristol Channel Timber Supplies Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for

goods and services provided during the year. All transactions arose in the United Kingdom.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2018

and 31 December 2018

465,000

149,865

2,400

617,265

DEPRECIATION

At 1 January 2018

-

140,524

2,400

142,924

Charge for year

4,650

1,401

-

6,051

At 31 December 2018

4,650

141,925

2,400

148,975

NET BOOK VALUE

At 31 December 2018

460,350

7,940

-

468,290

At 31 December 2017

465,000

9,341

-

474,341

The freehold property was revalued on 31 December 2017 by the directors at a value of £465,000. In

the opinion of the directors 50% of the value relates to freehold land and this is not depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

18,120

18,399

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

28,517

23,710

Trade creditors

57,093

59,440

Tax

1,764

2,787

Social security and other taxes

4,941

2,548

VAT

7,504

6,671

Directors' current accounts

17,390

17,390

Accrued expenses

1,400

1,400

118,609

113,946

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans - 2-5 years

47,270

47,270

Bank loans more 5 yr by instal

36,696

48,707

83,966

95,977

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

36,696

48,707

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank overdrafts

16,687

11,880

Bank loans

95,796

107,807

112,483

119,687

The bank overdrafts and bank loans are secured by a fixed and floating debenture dated 23 April 1999

which is secured over all owned assets.

9.

RESERVES

Revaluation

reserve

£

At 1 January 2018

207,891

Depreciation released

(2,567

)

Deferred tax on revaluation

488

At 31 December 2018

205,812

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr N David and Mr R David

2018

2017

Capital withdrawn

-

1,000

At the year end the company owed Mr N David and Mr R David £17,390 (2017 - £17,390).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is R N C David.